Crypto mining company
release production report

March, 2023

Vine Strategy


Crypto mining company release production report

Bitfarms Ltd, a publicly traded Bitcoin mining company, recently provided their 2023 production and mining operations report.

Bitfarms is a NASDAQ traded cryptocurrency mining company with 10 mining facilities around the world that are located in four countries: Canada, USA, Paraguay and Argentina. They run vertically integrated mining operations with in-house management.To remain as sustainable and environmentally friendly as possible the systems are powered by hydro-electricity.

Ben Gagnon, Chief Mining Officer of Bitfarms, said, “In March, we have increased BTC production by 17% year-over-year. In Q1 2023, BTC price increased by 72%. As a result, industry mining revenue is up 31% dollars per TH in the quarter. Continued rising difficulty levels reflect increasing investment and bullish sentiment in the mining industry overall.”

March 2023 Select Operating Highlights

  • 13.7 BTC mined daily on average, equivalent to about $390,000 per day and approximately $12.1 million for the month.
  • 424 new BTC mined, up 9.6% from March 2022 and up 16.8% from February 2023.
  • Sold 394 BTC of the 424 BTC mined, generating total proceeds of $9.7 million.
  • Reduced total outstanding indebtedness by $2 million, leaving a balance of $21 million at March 31, 2023.
  • Held $29 million in cash and cash equivalents at March 31, 2023.

Gagnon added, “With an eye on continually improving cost controls, during March we successfully piloted a new feature in our proprietary management system to track real time energy consumption on an individual miner basis. Real time tracking allows for machine optimization and is scheduled to be deployed company-wide in April.”

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When investors think of investing in cryptocurrency they think more of the underlying asset than the mining companies. Investing in mining companies could be a great way to get exposure in the cryptocurrency markets without having to take on some the extreme risk and fluctuations that the underlying asset has.

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